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What steps the Government is taking to improve the gender balance of the boards of FTSE companies.
What steps the Government is taking to improve the gender balance of the boards of FTSE companies.
We appointed Lord Davies in 2010 and have fully supported his work ever since, which has achieved an unprecedented increase in the number of women on boards. We welcomed his final report and back his new recommendations for a business-led 33% target for
FTSE 350 boards. We are also in the process of establishing a new review focusing on the all-important executive layer.
What plans do the Government have to ensure that businesses of all sizes understand the financial and productivity benefits of diversity in their senior teams?
What plans do the Government have to ensure that businesses of all sizes understand the financial and productivity benefits of diversity in their senior teams?
My hon. Friend is absolutely right: companies with more diverse boards benefit from better decision making and better corporate governance; they are more responsive to the market and they can access the wider talent pool. It is a no-brainer: diversity is better for business. We have seen real progress with our business-led Government-supported approach, but we are not complacent by any means. We will continue to engage with businesses of all sizes and in all sectors to push this work forward.
As chair of the all-party parliamentary group on women and enterprise, I welcome the fact that more women than ever are working in Britain today. One of the barriers to forming a cohesive forward strategy for creating more female business owners is a lack of reliable data on how many there currently are. Will my hon. Friend meet me to discuss that issue and consider possible solutions such as the collection of data on HMRC returns?
As chair of the all-party parliamentary group on women and enterprise, I welcome the fact that more women than ever are working in Britain today. One of the barriers to forming a cohesive forward strategy for creating more female business owners is a lack of reliable data on how many there currently are. Will my hon. Friend meet me to discuss that issue and consider possible solutions such as the collection of data on HMRC returns?
I congratulate my hon. Friend on his appointment to the APPG, and I look forward to working closely with him to provide the data that he seeks.
It is great news that the Institute of Directors has appointed its first female chair in its 112-year history, but the fact remains that women still make up only about 20% of the membership of boards. Does my right hon. Friend agree that one of the key ways to redress the balance is by encouraging and inspiring more female executives?
It is great news that the Institute of Directors has appointed its first female chair in its 112-year history, but the fact remains that women still make up only about 20% of the membership of boards. Does my right hon. Friend agree that one of the key ways to redress the balance is by encouraging and inspiring more female executives?
I entirely agree. The latest published figures showed that 23.5% of FTSE 100 board appointments were female, but my hon. Friend is absolutely right to say that that relates particularly to progress made on non-executive directors, not on the executive pipeline. It is important to work with executive search firms, which is why in the previous Parliament the Government worked with them to develop their voluntary code of conduct. That has brought about real cultural change, but of course there is much more to do.
What steps the Government is taking to ensure more women are appointed to boards and to help them progress in their chosen career.
What steps the Government is taking to ensure more women are appointed to boards and to help them progress in their chosen career.
The Government have been supporting Lord Davies to achieve the 25% target of women on boards of FTSE 100 companies by this year. We are improving transparency and providing more support to businesses, such as through the Women’s Business Council, within and outside the corporate sector, to help them to build their talent pipeline and to utilise and develop all the talents in their female workforce.